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Bill Text

A BILL

To replace the Director of the Bureau of Consumer Financial Protection
with a 5-person Commission, to bring the Bureau into the regular
appropriations process, to provide for a safety and soundness check,
and for other purposes.

Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Responsible Consumer Financial
Protection Regulations Act of 2013''.

SEC. 2. ESTABLISHMENT OF THE COMMISSION.

Section 1011 of the Consumer Financial Protection Act of 2010 (12
U.S.C. 5491) is amended--
(1) by striking subsections (b), (c), and (d);
(2) by redesignating subsection (e) as subsection (j); and
(3) by inserting after subsection (a) the following new
subsections:
``(b) Establishment of the Commission.--
``(1) In general.--There is hereby established a commission
(hereafter in this title referred to as the `Commission') that
shall serve as the head of the Bureau.
``(2) Authority to prescribe regulations.--The Commission
may prescribe such regulations and issue such orders in
accordance with this title as the Commission may determine to
be necessary for carrying out this title and all other laws
within the jurisdiction of the Commission, and shall exercise
any authorities granted under this title and all other laws
within the jurisdiction of the Commission.
``(c) Composition of the Commission.--
``(1) In general.--The Commission shall be composed of 5
members, who shall be appointed by the President, by and with
the advice and consent of the Senate, from among individuals...

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State: CA

District: 1st

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Users Supporting

I support S. 205 ("A bill to replace the Director of the Bureau of Consumer Financial Protection with a") because...I believe a quorum of members, rather than one chairman, can represent the best solution to a potentially contentious position and the roles it manages.

Users Opposing

I oppose S. 205: Responsible Consumer Financial Protection Regulations Act of 2013 because...no one ever built a statue to a committee. If we, as American citizens, deserve the rights and protection of such a group that group should be headed by an individual and not some committee made up from special interest groups. No committee in Washington gets anything done, they just talk and argue. One person who watches and gives the commands. Who is also ultimately responsible for the decisions being made is much better and more American than any committee.

I oppose S. 205 ("A bill to replace the Director of the Bureau of Consumer Financial Protection with a") because the Bureau of Consumer Financial Protection is a taxpayer dollar rathole that should be abolished. Really, what has this crooked "bureau" ever achieved on behalf of legitimate, working tax payers? Every Democrat and Republican member of the senate should direct ALL attention to a senate budget, not this inconsequential garbage

I oppose S. 205 ("A bill to replace the Director of the Bureau of Consumer Financial Protection with a") because this bureau is a waste of Tax Payer Dollars. Replacing one position with 5 is even more insane. Eliminate the whole bureau and Dodd-Frank!

Bill Summary

1/31/2013--Introduced.Responsible Consumer Financial Protection Regulations Act of 2013 - Amends the Consumer Financial Protection Act of 2010 (title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act) to replace the position of Director of the Consumer Financial Protection Bureau (CFPB) with a five-member Commission whose members are appointed by the President, by and with the advice and consent of the Senate. Prohibits the Chair of the Commission from making requests for estimates related to appropriations without the prior approval of the Commission. Revises procedures for funding the CFPB. Eliminates the Consumer Financial Protection Fund and the requirement that the Board of Governors of the Federal Reserve System transfer funds to the CFPB from the combined earnings of the Federal Reserve System. Authorizes appropriations for FY2013-FY2014. Directs the CFPB, in prescribing a rule under the federal consumer financial laws, to consider the rule's impact on the financial safety or soundness of an insured depository institution.